Agricultural Biotechnology Market To Generate Revenue Worth $106,870.0 Million in 2030

  • Published: April 2021

The global agricultural biotechnology market is projected to reach $106,870.0 million by 2030, growing with a CAGR of 10.7% during the forecast period (2021–2030). The high yield of biotech crops has propelled the market growth by helping achieve global food, feed, and fiber security and mitigating the challenges associated with climate change. Moreover, since their commercialization, biotech crops have brought substantial agronomic, economic, environmental, health, and social benefits to farmers and consumers.

The outbreak of COVID-19 has significantly impacted the agricultural biotechnology industry. Essentially, border barriers, restrictions on exports and imports, and strengthened hygienic controls have impacted the market. Furthermore, trade frictions had an effect on global food prices. However, the industry could benefit in the long run from the deployment of new technologies to improve the crop quality and quantity.

Genome Editing Category To Dominate Market due to Rising Genome Research Activities

The agricultural biotechnology market is categorized into genome editing, deoxyribonucleic acid (DNA) sequencing, ribonucleic acid interference (RNAi), synthetic biology, and biochip, based on technology, out of which genome editing dominated the market in 2020. This is majorly attributed to the increasing genome research activities and rising application of genome tools in the agricultural industry.

Further, the agricultural biotechnology market is bifurcated into transgenic seeds and crop protection products, based on product. Of these, crop protection products are set to witness the faster growth during the forecast period. This is majorly attributed to the rapid technological advancements in agricultural chemistry, which have enabled farmers to engage in effective pest management. The increasing awareness about biopesticides has not only resulted in their growing adoption, but also a rise in the awareness regarding organic farming. This, coupled with the increasing demand for organic food, is expected to support the category’s growth.

Geographically, the Asia-Pacific (APAC) region is expected to witness the fastest growth during the forecast period in the agricultural biotechnology market. The APAC region offers tremendous opportunities for genetically modified (GM) crop production on account of the increasing adoption of modern farming techniques to enhance productivity. The emerging economies of the APAC region are prioritizing mechanization to raise the yield of farmlands. APAC has witnessed the emergence of GM crops over the past two decades as a result of extensive research and development (R&D) and the adoption of sustainable farming practices for improved crop productivity.

Industry Players Are Focusing on Mergers and Acquisitions to Expand in Market

Some of the major players in the agricultural biotechnology industry are Syngenta AG, DuPont de Nemours Inc., Performance Plants Inc., Certis USA LLC, Bayer AG, BASF SE, Vilmorin & Cie, Evogene Ltd., ADAMA Agricultural Solutions Ltd., KWS SAAT SE & Co. KGaA, Global Bio-Chem Technology Group Company Limited, and Novozymes A/S.

In recent years, key players have been actively involved in strategic developments to improve the quality of crops. For instance, in August 2020, SENSAKO (PTY) LTD, a South African company specializing in cereal seeds, was acquired by Syngenta AG. With this acquisition, the latter aims to enter the market for wheat, sunflower, and corn seeds in South Africa and expand in this domain in the future.

Similarly, in March 2021, BASF Venture Capital (BVC), a unit of BASF SE, invested in Bota Biosciences Ltd. (Bota Bio), an industrial synthetic biotech company based in China. Bota Bio has been developing a proprietary biotechnology platform that enables sustainable and economical production of high-value products for a broad array of applications. The products include sweeteners, vitamins, personal care products, and crop protection products.